The financial and banking sectors are going through an extreme reformation. As a result of globalization, digital finance, and increasing compliance requirements, many employers are no longer simply looking for “traditional degrees.” Instead, they are now looking for employees with the skills needed to be successful in a globalization-driven environment, the knowledge that is most relevant today, and, importantly, certification from reputable organizations that provide internationally recognized qualifications.
Certification within Professional Finance is becoming an increasingly popular option for professionals looking to develop a strong foundation for a high-growth career in the finance industry.
They have become an essential part of a candidate’s career strategy. Courses such as ACCA and CMA provide finance professionals with increased visibility and allow them to obtain more favorable positions and create long-term opportunities for career advancement on a global scale.
The Changing Skill Requirements in Banking and Accounting
The rapid evolution of the banking, financial institution, audit, and corporate finance environments is primarily driven by the increasing use of automation, data-driven decision-making, and globalized reporting standards.
- Consequently, candidates who can quickly adapt and apply financial concepts to actual business situations are now at the top of employers’ lists.
- Because of their heavy emphasis on the theoretical side of finance, most traditional academic programs do not adequately prepare students for a successful transition into the workforce.
- Professional certifications fill this void by providing a strong foundation in applied learning, relevance to the industry, and knowledge of the best global practices.
- For this reason, finance-related certifications will be instrumental in shaping how the next generations of professionals will prepare for careers in the banking and accounting industries.
Why Certifications Matter More Than Ever
Finance professionals can demonstrate their professional knowledge and experience with certifications. When you submit a certified resume, it highlights not only your qualifications but also your level of commitment, discipline, and preparedness for future job market challenges. Recruiters view certified candidates as individuals who will require less training when they enter the workforce and will begin contributing on their very first day on the job. Those holding certifications receive the best possible training to manage the vast range of responsibilities associated with these areas of specialization.
For both an aspiring student of finance and an experienced professional in the field of finance, obtaining a certification provides an outlined path for continued career development, increased levels of compensation, and opportunities to work in countries throughout the world.
ACCA: Building Global Accounting and Finance Professionals
In the finance and accounting industry, one of the most commonly known certifications is the ACCA Certification. This certification was developed to produce educated, well-rounded professionals in the field of finance and provides education on principles of accounting, financial management, auditing, tax, and strategic decision-making.
- Equally as vital, ACCA is recognized globally, making it extremely valuable to the finance professional who is looking to work with a Multinational Company (MNC) or a global client base.
- The ACCA curriculum is developed in accordance with International Financial Reporting Standards (IFRS), allowing the ACCA professional to transition smoothly between markets and regulatory environments.
- Another benefit of the ACCA certification is its flexibility, allowing a student to study for the certification while completing their degree or working.
- Therefore, the ACCA is accessible to a significant number of aspiring professionals in the finance profession.
- Additionally, due to the increasing need for trained professionals to work in the global finance arena, many ACCA-certified professionals are employed in the banking industry, consulting firms, auditing firms, and corporate finance roles.
CMA: The Driving Force Behind Management and Strategic Accounting Careers
While financial reporting continues to be an essential component for businesses today, it has become increasingly clear that businesses have now turned to strategic insights to help them grow.
- A CMA certification plays a critical role in providing those strategic insights. CMA provides training in management accounting, financial planning, performance analysis, and decision-making support.
- In their training, CMA professionals are taught how to analyze performance and create value from their evaluation of performance.
- They can provide management accounting support to increase revenue and manage costs while supporting long-term business initiatives. Most often, the CMA professional may serve as a Financial Analyst, Management Accountant, or Finance Manager.
- The increase in importance of data-driven decision-making has meant that in both corporate and banking industries, CMA has become even more pertinent.
- In addition, Employers now look for professionals able to use data to develop appropriate courses of action; CMA gives applicants this ability.
Banking Careers Have A Greater Cross-Section of Capability Through Certification.
The banking industry is no longer just about traditional job functions such as banking and teller functions. Nowadays, banking industry jobs include risk assessment, financial analysis, operational compliance, and long-term strategy development.
The certification of these employees enhances the credibility and level of skill of the employees. Therefore, ACCA and CMA designations and certification will continue to be a major component of many job descriptions in the banking sector.
Certifications increase the employment potential for a candidate and can also speed up the candidate’s career progression in Banking, Corporate Banking, Investment Banking, and Financial Advisory positions.
Accounting Careers Are Becoming More Dynamic
Today, accountancy includes both compliance and bookkeeping, thereby creating opportunities for accountants to become partners in their businesses as well as being advisors to management regarding the finances of the organization and future planning and strategy.
- ACCA professionals typically work within the fields of audit, taxation, reporting, and advisory areas. They have experience using international accounting standards, which makes them ideal for working in countries outside their home country.
- Also, professionals who are CMA able to assist in decision-making, budgeting, and performance management within an organization internally.
International Career Mobility
Professional certifications provide the benefit of international career mobility for accountants. Because employers throughout the world hold standardized certifications as evidence of competence and professionalism for all positions.
- Professional accountants with ACCA certification can work in numerous countries, especially in positions such as accounting, audit, and finance consultant. Because of the global recognition of ACCA, the potential for international careers is significantly enhanced.
- Conversely, CMA provides access to employment with multinational companies, principally in positions involving strategic finance and leadership.
- Professionals with a CMA certification are typically viewed as better suited for top finance roles due to their ability to make good business decisions and apply analytical methods.
Higher Earning Potential and Career Growth
Individuals with certifications in finance or accounting generally earn higher wages than those without a certification. The higher the level of certification, the more expertise and knowledge in finance and/or accounting; consequently, employers are happy to compensate their professionals for the skill set that will provide value to the organisation through business results and legal compliance.
- Additionally, certification from professional organisations such as the ACCA or CMA will help promote advancement into leadership roles much faster than a non-certified individual.
- These credentials represent an ongoing commitment to the profession as well as the continuous development of skills and knowledge deemed important by companies.
- With the increasing complexity of finance work, certified individuals will require fewer years of direct experience prior to being eligible for the next level of seniority.
- As such, the candidate for many strategic and senior-level job positions will likely be required to have a certification and be in a better position than an individual who does not have one.
The Right Certification for Your Career Path
The certification to select should depend on the specific career pathway that you are pursuing. Individuals wishing to pursue a career in global accounting, audit, and compliance may find the ACCA certification beneficial.
- The ACCA certification provides full coverage of all financial reporting and regulatory requirements across the globe.
- Individuals wishing to pursue careers in strategic finance, management accounting, and leadership typically would find the CMA certification of greater benefit, given that the CMA certification is more focused on continuing improvement of business performance and the decision-making process.
- Selecting a certification that aligns with your career aspirations will provide you with better long-term prospects for career advancement and will greatly enhance your professional credibility in the marketplace.
The Future of Finance Careers
The world of finance continues to change as a result of technological, global, and regulatory changes. Individuals who are willing to invest their time and money to earn skill set-based credentials will continue to have opportunities to be relevant and compete in an ever-changing industry.
The increasing demand for certified personnel from hiring companies will make it mandatory for individuals to hold at least one certification to pursue a career in banking or accounting, and the ACCA and CMA are leading the way in developing the next generation of leaders in these fields.
Conclusion
The introduction of professional certification in finance has established a new paradigm in career development for individuals looking to work in banking and accounting. Professional certification is designed to provide individuals with a global perspective and an edge over their peers when competing for a job.
Individuals can leverage their certifications to move into high-demand positions and build successful, long-term careers, as well as develop skills and gain knowledge for future success in their careers.
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